real estate services directory

reports from Chennai Realty market slowdown is not deterring investors. Property owners seem unfazed with these reports and runs with their planned construction.

Chennai real estate is determined by the final consumer. Current real estate reports suggest that investors do not much play in Chennai real estate market. Currently, the city real estate segment is represented by a pause. The number of transactions has risen from 10-15% and in the supply of housing and industry has also contributed substantially. A recent report by Jones Lang LaSalle Meghraj (Chennai) shows that 1.6 million m² of commercial space in Chennai was between January to March 2008. This is slightly below the requirement of 2 million square meters of the quarter January to March 2007.

Transitional Phase

Chennai real estate brokers say that it is a passing phase. PBEL Property Development (India) Pvt Ltd has Rs180 crore in Chennai, the construction of a residential and commercial district. PBEL Property is a consortium of three real estate developers. PBEl is a high-tech residential complex on a 42 hectare site in the Old Mahabalipuram Road.

Another property developer, Unitech, in collaboration with SSI and Arihant Foundations, have an integrated district in Chennai. This city is about 7.6 million square meters and are residential, commercial and retail space. Emaar MGF has announced to invest 3 billion U.S. dollars to 10 cities in South India. The plans for the development of more than 31 million m² of space in major cities like Chennai, Hyderabad, Tirupati, Coimbatore, Cochin, Mysore and Mangalore.

NRI interest

Mumbai-based Hiranandani Infrastructure and Real Estate Company recently completed its residential project in south-west Chennai. The organizers claim that this project, Hiranandani Palace Gardens, has been sold, and has many customers from the Gulf states. Many of these clients are investors who buy property in strategically advantageous location and sell them at a time when picks the best prices to buy.

Overall, the real estate market is not affected by the slowdown reports. The amount of interest from property buyers, investors and developers remain unfazed.

George Gonigal gives you the best and latest information on Delhi Property, If you want real estate prices in Pune, he suggests you log on to magicbricks.com